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Key compliance challenges organisations are facing
While organisations continue to focus on “bigger picture” priorities they could be unintentionally falling trap to certain compliance issues, according to a NewLaw firm.
Emma Musgrave
According to Jason Ryan, principal of Engo, there are a number of areas clients should be turning their attention to but often don’t due to teams being short-staffed.
“As one client said, ‘my room is a mess and at some point, my parents will walk in,’,” Mr Ryan said.
“Compliance and audits are increasing but you know your policies need work – maybe they are too old, there is too many of them (or not enough?)… but you really don’t have time and where do you even start?
“We have built a clever tool that instantly figures out what policies you need and what should be in them. Some of our clients are finding it is a load off their mind to use this tool in simplifying their set of policies. Peace of mind that you have the right policies and they are up to date.”
The second area comes back to teams spending too much time “spinning their wheels on low-value” work, according to Mr Ryan.
“We constantly hear ‘we just don’t have time to look at all these low value contracts.’ We know. You shouldn’t look at them, they should be moved to self-help, but you need to make sure they are being handled safely,” he said.
“Our most popular work continues to be an easy look-up table that we call the ‘Universe’ (because it sets out everything you need to know). We apply a ‘two-minute test’, the time it should take for a person to figure out how anything is bought (the contract type, the template, the advisors, and the approvers)… and most importantly it says what can be done by self-help.
“A lot of teams – big and small – are doing this right now. It makes sense to spell it all out in one spot rather than expect the punters to read policies and apply them.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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